Why are Incyte shares trading lower today?
Incyte Corporation INCY Fourth-quarter adjusted EPS reached $0.10, compared to $0.93 posted a year ago. Analysts had estimated $0.86.
- Sales rose 9.3% year-on-year to $862.85 million, ahead of consensus of $813.40 million.
- The company’s operating expenses increased 20.3% to $752.12 million, with cost of sales up 21%, R&D costs up 16% and general and administrative expenses up 35%.
- The company reported operating profit of $166.01 million, up from $218.47 million a year ago.
- Product and royalty revenue increased 20% year-on-year to $812.85 million, driven by net product revenue from Jakafi and Pemazyre and higher product royalty revenue from Olumiant and Tabrecta .
- The 113% growth in Olumiant’s royalty revenue reflects an increase in net product sales due to the use of Olumiant for COVID-19.
- In October, Incyte launched its first dermatology product with FDA approval of Opzelura for atopic dermatitis. Nearly 19,000 new patients started Opzelura in the fourth quarter.
- Cash, cash equivalents and marketable securities totaled $2.3 billion.
- Advice: Incyte expects FY22 net revenue from Jakafi products to be $2.3 billion – $2.4 billion and net revenue from other hematology/oncology products to $210 million dollars – 240 million dollars.
- Price Action: INCY shares traded down 4.46% to $70.08 when last checked on Tuesday.
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